Two IPOs got a mixed response from the US markets. One was that of Chesapeake Midstream Partners LP, a natural gas limited partnership and the other one was of Envestnet Inc.
While the natural gas IPO was able to stay on the top of the expectations the other one related to the IT industry only managed to stay at the lower end of the IPO. It sold fewer than expected shares.
Chesapeake Midstream is a partnership company that was formed when Chesapeake Energy Corp and Global Infrastructure Partners came together. They sold 21.25 million shares with a value of $21. They had set their range as $19-21. The company raised $446.25 million.
Envestnet, on the other hand, is a company that gets its business by managing assets on its platform. Its largest client is Fidelity.
It sold 7 million shares having a value of $9 each and raised around $63 million. The plan was, however, to sell 7.7 million shares and was to be in between $9-10. The earlier target was for $12-14.
Analysts believe that the failure of Envestnet was because the company had posted a loss of $2.69 million.
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